USD/CAD pulls back after US crude stockpiles data

USD/CAD showed  limited reaction to US official data on crude stockpiles as market participants await the Fed statement to be released later on the session.

USD/CAD retreated from a session peak of 1.3222 as the loonie received a boost alongside with oil prices, but the pullback lacked follow-through. At time of writing, the pair is trading at 1.3195, still a few pips above its opening price.

Data showed US crude stockpiles declined by 6.2 million barrels in the week ended Sep 16, below the 3.35 million barrels increase expected. WTI spiked to a high of $45.49/bbl after the data and it was last up 2.43% at $45.13 a barrel. 

USD/CAD levels to watch

In terms of technical levels, immediate resistances are seen at 1.3252 (200-day SMA/Jul 27 high), 1.3295/1.3300 (Mar 24 high/psychological level) and not much until 1.3390/1.3400. On the other hand, supports line up at 1.3127 (Sep 14 low), 1.3060 (20-day SMA) and 1.3000 (psychological level).